Fire-resistant Coatings Market

Fire-resistant Coatings Market - An Overview

The global fire-resistant coatings market is expected to witness strong growth during the forecast period between 2021 and 2031.

Fire-resistant coatings have proven beneficial in inhibiting the combustion of flammable materials. Fire-resistant coatings have been extensively deployed to prevent any kind of fire and these products have helped in decreasing the fire risks, significantly.

Some of the industries that have extensively deployed fire-resistant coatings include oil & gas, automotive, marine, aerospace, building and construction, furniture, and textiles.

The wide application range of the product has contributed immensely to market growth and is expected to play a key role in helping the market grow at a steady pace, in future as well.

Fire-resistant Coatings Market - Trends and Opportunities

Rising incidence of fire accidents in leading economies globally is the key growth driver for the fire-resistant coatings market.

Also, implementation of various standards, regulations, and codes concerning fire protection and fire standards are expected to fuel the growth in the global fire-resistant coatings market, in the coming years.

In addition to this, launch of new products that comply with fire protection and strict safety standards could propel the overall fire-resistant coatings market, in the years ahead.

Other factors such as increasing product demand for various renovation projects could also bolster the overall fire-resistant coatings market, in future.

Water-borne coatings technology is expected to make the largest contribution to the overall market in future because of rising demand for eco-friendly fire-resistant coatings in leading economies, worldwide.

Spray application technique is anticipated to contribute the most to the overall fire-resistant coatings market because of product features such as improved product efficiency and smoother finish.

Fire-resistant Coatings Market - Competitive Landscape

With the presence of several prominent players, the global fire-resistant coatings market has witnessed intense competition in the last few years, many of whom have become successful owing to years of delivering consistent results and are expected to account for a large share in the overall market, in future.

Research and development activities to produce improved quality of products to meet the demands of large number of consumers could be a key growth strategy for leading fire-resistant coatings market players, in future.

Well-established fire-resistant coatings market players could engage in growth strategies such as novel product launches in a bid to gain a competitive edge over other players.

AkzoNobel, in 2019, announced the launch of a new coating system which has proven beneficial in combating the most critical environmental issues globally.

Prominent market players could collaborate with smaller players in a bid to expand their market presence and increase their revenue shares.

R&D undertakings to produce improved quality of products could be a key growth strategy for leading market players, in future.

Some of the well-established players in the global fire-resistant coatings market include AkzoNobel, Nippon Paint Co., BASF SE, Contego International Inc., Flame Control Coatings LLC, and Jotun AS.

Fire-resistant Coatings Market - Regional Assessment

The global fire-resistant coatings market is divided into five regions, namely, North America, Asia Pacific, Europe, Latin America, and Middle East and Africa.

Asia Pacific is anticipated to be the dominant region in the global fire-resistant coatings market because of increased product demand in the construction sector and growing population in countries such as India and China. North America is anticipated to offer lucrative growth opportunities for the overall fire-resistant coatings market owing to presence of several well-established market players in countries such as US and Canada, contributing to market growth in the region.

Europe is expected to witness strong growth in the global fire-resistant coatings market because of rapid industrialization and modernization witnessed in countries such as UK and Germany.

Other regions of the world such as Latin America and Middle East and Africa are expected to witness moderate growth in the overall fire-resistant coatings market, in the years ahead.